However, silver held steady at Rs 45,500 per kg on lack of buying support from industrial units and coin makers.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell for a fourth consecutive session, their longest losing streak in over two months, as economic optimism, strengthening dollar and record high US equities dimmed its appeal as a so-called safe haven.

In New York, gold for June delivery fell by USD 9.80, or 0.7 percent, to settle at USD 1,424.50 an ounce on the Comex division of the NYMEX.

However, spot gold on Wednesday inched up as the US dollar eased and selling by exchange-traded funds halted, but strong share prices looked set to cap gains. It was last traded USD 0.50 or 0.04 percent up at USD 1,427.30 per ounce.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Chennai

Standard gold price moved higher by Rs 310 to Rs 27,480 per ten grams as against its previous close of Rs 27,170.

Silver also rose by Rs 85 to Rs 45,180 per kg from Rs 45,095.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity surged by Rs 380 each to Rs 27,900 and Rs 27,700 per 10 grams, respectively. The yellow metal had lost Rs 330 in last three sessions. Sovereigns rose by Rs 100 to Rs 24,000 per piece of eight grams.

On the other hand, silver ready held steady at Rs 45,500 per kg, while weekly-based delivery shed Rs 50 to Rs 44,870 per kg. Silver coins remained steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Pure gold of 99.9 percent purity also looked up by Rs 25 to close at Rs 27,155 per 10 gm from Rs 27,130.

Silver ready (.999 fineness), however, tanked by Rs 505 to conclude at Rs 45,410 per kg as against Rs 45,915 previously.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, settled down by Rs 147 to Rs 26,707 per ten grams as against its previous close of Rs Rs 26,854.

Similarly, silver for delivery in July dropped further by Rs 602 to Rs 44,516 per kg compared to Rs 45,118 on Monday.

International markets

In New York, gold for June delivery fell by USD 9.80, or 0.7 percent, to settle at USD 1,424.50 an ounce on the Comex division of the NYMEX.

However, spot gold on Wednesday inched up as the US dollar eased and selling by exchange-traded funds halted, but strong share prices looked set to cap gains. It was last traded USD 0.50 or 0.04 percent up at USD 1,427.30 per ounce.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Gold ETF

Holdings in the SPDR Gold Trust, the world’s largest gold-backed ETP, stood at 1,051.65 tonnes on Monday, unchanged from Friday. But the holdings still remained at a four-year low.